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TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

Gold prices held steady near two-week highs on Wednesday, remaining supported above the psychologically important $1,200 level even as fears over Italy’s budget woes faded, bolstering risk appetite. December gold futures were little changed at $1,207.9 by 09:39 AM ET (13:39 GMT) on the Comex division of the New York Mercantile Exchange. Prices of the yellow metal remained supported even after reports that Italy appeared to be revising its budget plans.

The aluminum market risks being thrown back into turmoil after the world’s largest refinery of a key raw material shut down. Norsk Hydro ASA said it will temporarily close the Alunorte alumina refinery in Brazil because of a long dispute over waste treatment. The plant was already running at just 50 percent capacity. The stoppage will increase the scarcity of alumina — a key ingredient for producing aluminum — and raising the possibility of higher metal prices filtering through the global supply chain, which would affect manufacturers like automakers and canned drink suppliers.

Russian President Vladimir Putin said his American counterpart’s Iran sanctions are largely to blame for current high oil prices. “President Trump considers that the price is high; he’s partly right, but let’s be honest,” Putin said at the Russian Energy Week conference in Moscow on Wednesday. “Donald, if you want to find the culprit for the rise in prices, you need to look in the mirror.”

ECONOMY NEWS

European Union banks need access to London’s clearinghouses to manage the potential market turmoil of a no-deal Brexit, and lawmakers in Brussels should make sure they have it, according to the bloc’s financial watchdog. Steven Maijoor, chairman of the European Securities and Markets Authority, said a transitional access deal is needed so EU banks and trading venues aren’t cut off from firms such as LCH Ltd., the most important clearinghouse for euro denominated interest-rate swaps.

Banks doing business in Estonia, which has been at the center of a money-laundering scandal involving Danske Bank , handled more than $1 trillion in cross-border flows between 2008 and 2017, according to the country’s central bank. The European Union member country has been rocked by revelations that banks there laundered money from Russia, Moldova and Azerbaijan via non-resident bank accounts. The scandal has forced lenders in Estonia and neighboring Latvia to shut down.

The U.S. economy appears strong but eventually might face shocks such as a “political crisis” or an abrupt and difficult exit by Britain from the European Union, Richmond Federal Reserve President Thomas Barkin said on Wednesday. Barkin’s remarks come as economists and U.S. central bankers increase their focus on the prospects for a U.S. recession.